Ann: Letter to shareholders, page-21

Well Bruce as you well know, if you and your mate Rock on aka Ivan the terrible hadn’t promoted the Madagascan copper project as being a great opportunity for BDI (which you two pocketing what was it again, 170-270 million shares?) for a project who’s location re sovereign risk makes the Syrian/Turkish border seem like a holiday camp, there would have been sufficient money in the kitty to not put BDI in the position where it is now.
I think it’s time for you and Ivan to fess up as to your role on how BDI got to this position.
As to the alternate Board members you are promoting, whilst both have a splendid record of destroying shareholder value, the question remains as to what they will actually bring to the table ( apart from a massive haircut in a restructuring that the current shareholders will receive).
The question also needs to be asked, as to who is qualified to undertake technical DD’s on any project that you propose to introduce as neither you or Rock on are technically qualified to make a professional decision and after the Madagascar debacle, what crap are you proposing to Vend in and for how many more shares in BDI?
Just asking.....